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Latvijas Gāze Group Consolidated and Jsc "Latvijas Gāze" Unaudited Interim Condensed Financial Statements for the 6 Months Period Ended 30 June 2022

·2-min read
Latvijas Gaze
Latvijas Gaze

JSC “Latvijas Gāze”: Unaudited financial results of Latvijas Gāze group for 6 months of 2022

Latvijas Gāze group reached historically strongest financial performance in the first half of 2022, which is attributable to disciplined trading and risk management strategy in 2021. Q1 financial results have been the main driver for the strongest 6 month financial performance of the Company’s history.

The Group’s net turnover in the first half of 2022 was 433.4 million EUR, EBITDA amounted to 94.67 million EUR and net profit was 84.55 million EUR.

During first half of 2022, JSC “Latvijas Gāze” sold 5 157 GWh of natural gas to customers in Latvia and abroad. Compared to the same period in 2021, sales volumes have decreased by 31%. Sales volume decrease is attributable to the fact that market is self-sanctioning Russian origin gas ahead of 1st January 2023 in Latvia, customers have reconsidered their consumption habits of natural gas amid high price environment and there have been limited supply possibilities. For the same reasons JSC “Latvijas Gāze” forecasts lower sales volumes in H2 2022 compared to corresponding period in previous year. In H1 2022 foreign companies were more active in gas procurement as more than half of sales were made abroad and to foreign companies in Latvian-Estonian Virtual Trading Point or in Inčukalns underground gas storage.

Household segment caused losses in the first half of 2022 as tariff was lower than the costs of natural gas and trading expenses. Despite historically strongest financial performance in the first half of 2022, purchase costs might be significantly higher compared approved regulated tariff taking account recent forecasts. Consequently, household segment might generate substantial negative impact to JSC “Latvijas Gāze” 2022 2H financial performance.

Latvijas Gāze group will publish its unaudited consolidated interim condensed financial statements for 9 months of 2022 on November 30, 2022.

JSC “Latvijas Gāze”

Chairman of the Board

Aigars Kalvītis